Two Great Ideas

Two Great IdeasWhile the financial crisis is officially over, that doesn’t mean that everyone got out without ruining their credit. Some people hung on to bad investments hoping things would turn around soon, but still lost out in the end. This made them have a long term bad credit history that’s still recent in their file. What are people like that supposed to do when it’s time to get back to work, but they need a car? Well, there are ways to get loans with bad credit.

If You Need A Car, That Might Be The Best Way To Rebuild Your Credit

Cars, believe it or not, are one of the best ways to get started rebuilding your credit. There are certain dealers that specialize in bad credit auto loans and they’re willing to make a loan to just about anyone with a job. You’re going to need a certain amount of time on the job, some paycheck stubs, social security number, a bank account, and an address to get started.

Most of those types of car dealers will be making the loans themselves, or have a department they own, making the loans. They’ll call your employer to verify you work there, then they’ll want to see your bank account, Social Security card, and then you’ll most likely be able to buy a car.

Don’t expect to get a brand new car, or even a late model one, just be happy to get a good running that will get you to and from work, so you’ll have an income, and can rebuild your credit. Most likely you’ll pay a premium price for the car to make up for the bad credit loan, but at least it’s a start.

It’s Also Possible To Get Large Personal Cash Loans Too

If you thought you could only get car loans with bad credit, think again. Since so many people had credit problems during the financial meltdown, some lenders have opened up their credit requirements to allow more people to get loans, even with some bad marks.

If you have some major assets, like real estate, jewelry, or paid for cars and boats, then you may be able to get a large title loan to get you over some rough spots and back on your feet. If you’re a business owner, think about getting a loan against your incoming receipts. Something that will give you better cash flow to buy new products to sell before your previous customer’s checks and credit cards have a chance to clear the bank.

Before You Go For A Larger Loan, Consolidate Yourself

You’ll want to be able to go into the lender and explain to them how you’ve cut your expenses, reduced your overhead, and increased your income to get yourself out of debt. They’ll want to know exactly how much money you have coming in, going out, and how you’re going to make the payments on the loan. If they can see all of that, you might just get your big loan and be on your way to recovery.

Getting a loan with bad credit isn’t always as difficult as it seems. You have to sit yourself down and take a hard look at what you can do without (cable TV, cell phone, boat, etc.) then take the plunge and make it work. Even a family member may be able to help if you can show them they’ll get their money back with interest.